Japan

2014 Rank: 27Change From 2013 Rank: Demoted by 4

Japan leads the world in dealing with insolvency, enabling creditors to recover an average of almost 93 percent of their investments in just over half a year. That, strong investor protections and relatively smooth trade regulations put Japan in the top 30 overall.

Starting a business in Japan can take more effort than in other large economies, requiring eight steps and taking an average of 22 days, leaving it with a rank of 120 in this category. Left: Tokyo.